Mr. Thom Skinner reports
CO2 SOLUTIONS ANNOUNCES EXECUTION OF LOAN AGREEMENT AND INITIAL DRAWDOWN
CO2 Solutions Inc. has entered into a definitive loan agreement with Dundurn Capital Partners (DCP), an affiliate of Robert Manherz, a director of the corporation, and another arm's-length lender, in connection with the previously announced secured loan in the amount of up to $500,000 and has received a first drawdown of $200,000 thereunder.
The terms of the loan are as previously disclosed on Aug. 12, 2016, except for the 3-per-cent commitment fee which is payable on each advance under the loan. In connection with the initial drawdown, CO2 Solutions has issued an aggregate of 1,176,470 non-transferable common shares purchase warrants of CO2 Solutions to the lenders. Each warrant entitles its holder to acquire one common share of CO2 Solutions at a price of 17 cents per common share until Aug. 31, 2018, subject to early expiry if the loan is repaid within the first year following the initial drawdown. The warrants, and underlying common shares, are subject to a four-month hold period until Dec. 31, 2016.
About CO2 Solutions Inc.
CO2 Solutions is an innovator in the field of enzyme-enabled carbon capture and has been working to develop and commercialize the technology for stationary sources of carbon pollution. CO2 Solutions' technology lowers the cost barrier to carbon capture.
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